I'm pretty sure Bungie didn't intend for people to farm these non-stop for hours. Why? Because its not fun, as you discovered. I did enough to complete my bounties and a couple extra by helping friends and stumbling across them while doing other things. Still managed to get one key. One of the things I learned about Destiny a long time ago was to not get caught up in grinding/farming activities. I never spent much time at the loot cave and had no interest in doing these Wolves public events for hours on end. That's a great way to burn yourself out on the game.
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Right. A game is what you make it. You can grind anything to shit. Doesn't mean the game is. Just your play style. It's much more rewarding when you get shit as, you guessed it. A -blam!-ing reward. Not a guarantee.